Aros Bostadsutveckling AB (publ) has refinanced the company's preference shares by conducting an exchange offer of the company's preference shares combined with a private placement of shares. In the exchange offer, 4,794,471 existing preference shares were submitted for redemption, followed by a subscription of 4,890,279 new preference shares, which corresponded to an acceptance rate of approximately 98%. The company also allotted a total of 654,510 new preference shares in the private placement which provided Aros Bostad with gross proceeds of a total of approximately SEK 53 million.
Aros Bostad is a partner-owned property development company with a focus on the development of modern, functional and sustainable homes in attractive geographical locations, with a choice of materials and design that stands the test of time. The company acquires, develops and/or converts commercial properties and land into residential housing. Aros Bostad runs housing development projects in various development stages, corresponding to approximately 4,300 homes, focusing on the greater Stockholm area.
DNB Markets acted as financial adviser. Baker McKenzie acted as legal advisor to Aros Bostad, with a capital markets team from Stockholm consisting of Joakim Falkner, Ian Gulam and Per Blom.